Program comprehension is an essential part of software development and software maintenance, as software must be sufficiently understood before it can be properly modified. One of the common approaches in getting to understand a program is the study of its execution, also known as dynamic analysis. While many such approaches have been proposed in the literature, their empirical evaluation is often missing or inconclusive, and their added values to existing solutions are seldomly quantified. This dissertation aims to characterize, and extend upon, the existing work on program comprehension through dynamic analysis. A strong emphasis in our research is put on empirical evaluation. To structure the current state of the art and to identify research opportunities, we first conduct a systematic survey of all publications on this topic in the past decades. We then propose both a traditional and a more advanced visualization technique, experiment with the necessary abstraction techniques, and provide tool implementations. Our approaches are validated through extensive case studies and a controlled experiment. Finally, we conclude with a set of recommendations for future directions.